AP sources: 'Fiscal cliff' deal outline emerging

The contours of a deal to avert the US "fiscal cliff" were emerging with just hours before a midnight deadline, officials familiar with the negotiations said Monday. President Barack Obama was scheduled to make public statements on the talks within the hour.

The deal in the works would raise tax rates on families making over $450,000 a year to 39.6%. The tax on estates worth more than $5 million would increase to 40% from 35%. Unemployment benefits would continue for one year. (AP)